Midday movers: Nokia, FedEx, J&J & more

Nokia moved higher after activist investor Daniel Loeb's Third Point said it took a stake in the company late in the third quarter.

FedEx gained ground after JPMorgan upgraded the package deliverer to "outperform" from "neutral" with a price target of $153. The firm said its more confident in FedEx's management and its improvement plan on the heels of last week's 32 million share buyback announcement.

Gap also retreated after BMO downgraded the stock to "market perform" from "outperform," citing concerns that third quarter sector-wide weakness might extend into the fourth quarter.

Kimberly-Clark rose after the company reported better-than-expected third-quarter profits.

Forest Labs gained after the company reported quarterly earnings that were twice what the Street was expecting, thanks to strong sales of its Alzheimer's drug and lower spending on research and development.

Transocean jumped after it was announced the drilling company was joining the S&P 500, replacing Dell.

Pain Therapeutics moved higher after Pfizer said it would continue developing the abuse-resistant painkiller made by the company and would conduct new clinical trials to address questions raised by U.S. regulators regarding the drug, Remoxy.

Freeport McMoran gained. The miner reported a decline in third-quarter profit because of lower metal prices, but still topped Street forecasts.

Harley Davidson moved lower despite better-than-expected third-quarter earnings. It said sales in Europe continued to be hurt by ongoing economic challenges.